Kimmitt and Myrow: The Economic Levers That Might Stop Putin

Russia may end up making itself an easy target for bond and currency speculators.

By

Robert M. Kimmitt And

Stephen A. Myrow

March 3, 2014 7:05 p.m. ET

In traditional political-military terms, Vladimir Putin's Russia has the upper hand in the Ukrainian crisis. Russia has the benefit of geography, demographics and logistics to support its de facto annexation of Ukraine's Crimea region and potential expansion to eastern Ukraine. But if the United States, the European Union and Ukraine collectively exert economic and financial leverage—in particular by turning one of Russia's primary sources of strength, its energy exports, into an Achilles' heel—then Mr. Putin risks overplaying his hand with his latest foray into what he deems to be Russia's "near...